Equity markets started the year extremely well in January, after a strong performance in 2017. The S&P index recorded a positive performance in almost every month of last year in a context of exceptionally low volatility. Eighteen of the 20 lowest levels of the VIX of the last 20 years were printed in 2017. Further, the bull run for risk assets continued to extend its long phase of asset inflation. In addition, aggregate bond indexes and emerging market bonds delivered returns above the average of the past 20 years. Can these unique conditions continue?